“We are in an advanced stage of negotiation with EIL,” said a senior official adding the tie-up would be finalised by the end of the month or the first week of November.

The financial institution has also been appointed as an advisor to the Inland Waterways Authority of India for “identification bid document presentation, processing and allotment of projects to private sector participation,” he said.

The official said the tie-up with EIL would help IFCI provide specialised advisory services, which include project management design, financial engineering, capital restructuring and techno-economic feasibility.

Sources said IFCI is also holding talks with several investment bankers to provide corporate finance and investment banking services.

The institution, which was provided a Rs 1,573-crore package by the government, as part of an on-going restructuring exercise, has also formed a project finance group to concentrate on the project advisory services.

IFCI, set up in 1948, is the country’s first financial institution established to provide credit to medium and large industry.